NSW PPOR Sydney 2019

Newbie to the property market, long time lurker on here but first time poster.

Looking to buy a PPOR in the next few months with the aim to convert that to an IP. Budget at this stage is 600k - 650k to make use of the FHB.

Looking at 2 bed, 1 bath, 1 car space with good commute to both parramatta and city. Was initially looking at places in parra but with the oversupply, im having second thoughts. Also considering places like westmead, ryde, croydon, croydon park, ashfield, rockdale.

Any suggestions on where to buy would be good since the property market in Sydney is fairly different since 2017/2018.

Cheers.

 

The Ryde area has seen significant price falls. Next door in Meadowbank there's a lot of new apartments coming online which seems to have pushed the price of older, existing blocks in the quieter pockets down considerably.
What kind of time span are you looking at before turning it into an IP? That range is obviously a unit and not a house so consider that units usually don't have the capital gains that houses do and that the market for units in Sydney could stay stagnant for a considerable time (the fall from peak is somewhere around 8.6% from memory, so less than houses but some may argue that the scope for further declines is considerable with what's coming online over the next few years. Sorting out some graphs and data would be helpful regarding this).

Of those suburbs listed Westmead has the poorest quality in terms of lifestyle IMO and is less comparable to the others.

 

Question for you. Does the NSW Government give a FHB bonus/discount on existing property?

 

Hi @Freak00718

Have you considered villas in a few suburbs west of Parramatta? May work out to be better value vs a unit

 

Big difference between Westmead and Rockdale.

Have to narrow it down,

It depends what you want in lifestyle ?

Like rockdale is 10 minutes or less from Brighton so you can go for a swim at the beach.
Its 10 Minutes or so from Newtown so you can have some drinks and a night out.
Its 10 minutes from airport.
Its 20 minutes from City.


Westmead is close to Parramatta and what comes with that.


Im not for one or the other.

But the suburbs are a huge geographic spread.

 

If you’re looking at Croydon/Croydon Park look at Belfield, Belmore and Canterbury too. But these suburbs (Ashfield too) not a great commute to Parramatta. They’re pretty close but not in peak hour traffic!

 

welcome to the forum

re FHB, I assume you are talking about the Stamp Duty exemption ( not the grant), which means existing properties, not OTP or brand new ones.

personally I would choose as close to CBD as possible, Ryde, Croydon, Ashfield and Rockdale are all good for me.

 

Sorry guys, I meant stamp duty exemption not FHB.

In regards to lifestyle, single mid 20s so closer to the city would benefit me

 

Where is work? Very different if you work in the city and have family in parra, for example, than vice versa.

 

$650K budget for a 2/2/1 will get you into some pretty decent Inner West suburbs that are close to City + on rail line.

 

Based off that list which ever suburb you choose make sure you visit there at night as well as day, I certainly wouldnt feel safe in some of those locations, particularly if I had my partner or kids.

If your parra-city criteria is strict then follow the rail line and research these suburbs

 

If you can take your time I'm seeing two bedroom apartments in the eastern suburbs now with Sevens in front. Don't be in a hurry